Harry Triguboff says his lending has come to a halt

Harry Triguboff says his lending has come to a halt
Harry Triguboff says his lending has come to a halt

Billionaire developer s Pagewood has confirmed the Meriton Group mortgage book has grown by around $60 million in five months, to beyond $120 million, but he told the AB+F website the run was finished.

“As it happens, at the moment, I’m not approving any. Today nobody wants my money," he said.

Triguboff said talk of bubbles was "very irresponsible".

"This is an empty continent we need people. Australia is a big place. Here in Sydney we have a boom. A great boom,” he said, before adding: “I’m sure that in Melbourne or Brisbane there will be problems, I’m sure there will be - but what can you do?"

The billionaire said he was a reluctant banker and was only fulfilling a need. 

“I only do it when the banks suddenly stop. Because the world doesn’t suddenly stop. So I have to keep moving, we have to have a smooth run," he said. "If they (traditional lenders) refuse to give money for whatever reason, I will always step in." 

The last time lenders wings were clipped, Triguboff, lent $600 million to underpin apartment sales, when his net worth was far less.

“I never compete (with the banks),” he said. “They have clauses there, which they use on the Chinese now. They can get out and not give the money for some reason. It's nonsense. 

According to Triguboff the banks are allowing the regulators to cut their nose to spite the entire industry.

“They gave the developers money because they know the Chinese will buy - they give the money to the builder, the developer - but then when it comes to the purchaser they say ‘I cant give it to you' for some reason," he said. 

“They read what the foreign press says about these bubbles, then our authorities - APRA and ASIC - run to the banks. So the banks get frightened. So they decide they have to be careful … which is very good, they are careful. But I think our banks are really, very, very cautious.”

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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Harry Triguboff Lending

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